CandleFocus Ethereum Price Risks Freefall to $1,600
2024-09-06
Author: Content Editor
Ethereum's price has fallen below $2,400 for the second time in three days, indicating significant strain in the market. On-chain analysis suggests that the price might continue to decline, as the Coinbase Premium Index has dropped, indicating a decrease in buying pressure from US investors. The supply of ETH on exchanges has been increasing, which could further drive the price down. The weekly chart shows a correction in early August, invalidating previous expectations of a higher value. The current price is between the demand zone of $2,200 and $2,350, and if it falls below this zone, it might drop to $2,048 or even $1,577. However, there is still hope for a rebound if buying pressure increases.
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